Bill > S3904

This bill, the American Homeownership Act, aims to modify tax laws and housing regulations. Primarily, it disallows interest and depreciation deductions for certain real property owners, specifically targeting "institutional investment entities" (investment vehicles pooling funds from accredited investors or exempt from registration) and "large owners" (entities owning 50 or more single-family rental units) when they hold a majority interest in "applicable residential property" (which includes residential rental property, manufactured housing communities, and certain manufactured homes) or single-family residential property. However, there are several exceptions, including sales to individuals for their primary residence or to qualified nonprofit organizations focused on affordable housing, new construction of single-family and multi-family housing, substantial rehabilitation of previously uninhabitable properties, and certain affordable housing programs like Federally assisted housing or properties receiving housing credits. The bill also prohibits federal agencies from selling or financing mortgage loans and covered residential properties (excluding certain affordable housing) to large owners or institutional investment entities, with exceptions for financing the construction or rehabilitation of affordable housing. Finally, it appropriates savings from these tax changes to fund housing programs, including the HOME Investment Partnerships program and grants for qualified homebuyers (defined by income, first-time buyer status, and first-generation status), and enhances antitrust monitoring for residential property acquisitions by treating multiple acquisitions within a year as a single transaction and creating a presumption that acquisitions increasing a party's market share to over 30% violate antitrust laws.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3904/all-info